Why Illinois Is In Trouble – 109,881
Public Employees With $100,000+
Paychecks Cost Taxpayers $14B
Forbes,
by
Adam Andrzejewski
Original Article
Posted By: AltaD,
4/28/2020 7:51:17 AM
Illinois could soon be the first state in history to have its bonds rated as “junk.” Last month, both Moody’s MCO and Standard & Poor’s downgraded Illinois debt to just one notch above junk status.
Last week, the Illinois State Senate President Don Harmon (D-Chicago) wrote a letter to Congress requesting a $41.6 billion bailout. Critics balked.
In many ways, Illinois may have already crossed the Rubicon.
Our analysis at OpenTheBooks.com shows that an Illinois family of four now owes more in unfunded pension liabilities ($76,000) than they earn in household income ($63,585). In a state of 13 million residents, every man, woman, and child owes
Reply 1 - Posted by:
MickTurn 4/28/2020 8:00:15 AM (No. 394053)
SO which is worse, Being totally Broke and starving to death or the small percent chance of getting a virus...
GET TO WORK, Unions can POUND SAND, Politicians shall be required to commit Hari Kari!
Next issue!
12 people like this.
Reply 2 - Posted by:
bpl40 4/28/2020 8:17:04 AM (No. 394081)
Not to worry. Queen Nancy Antoinette is preparing another 'stimulus' bail out precisely for that purpose.
7 people like this.
Reply 3 - Posted by:
Clinger 4/28/2020 8:18:59 AM (No. 394085)
Oh please tell me another story about greedy capitalists to settle my stomach.
I want to share a name with you, the best voice we have in Illinois who has been all over this at least since I met him and have known of him since 2008, Dan Proft. Illinois doesn't need fixing, Illinois is "fixed"
8 people like this.
Reply 4 - Posted by:
Alecto2 4/28/2020 8:56:06 AM (No. 394126)
A few years back, there was an attempt to fix the public pension issue but the courts threw it out. Of the various public pension plans, the one in the worst shape (under 40% vested, if memory serves) was the one that included the judges. Just a slight conflict of interest.
8 people like this.
Reply 5 - Posted by:
HotRod 4/28/2020 9:33:54 AM (No. 394182)
These democrat-run socialist paradises always flame out. Trying to stay alive, using other people's money, will only delay collapse. The sad thing is that the democrats, and their cronies, who presided over the pillaging of the treasury, will move away with fat bank accounts! The citizens will be left holding an empty bag!
6 people like this.
Reply 6 - Posted by:
john56 4/28/2020 9:46:58 AM (No. 394197)
And after Nancy's bailout of Illinois and other fast spending Dem. corrupt states, there will be 250,000 Illnois grifters -- state employees -- making over $100K. Plus the pension liabilities will be over that amount per family, too.
2 people like this.
Reply 7 - Posted by:
Strike3 4/28/2020 11:22:16 AM (No. 394278)
Decades of democrat corruption only have one outcome, total destruction. I am friends with a couple who spent their entire working lives in a suburb of Chicago and migrated to Florida the first chance they got. Taxes, tolls and bloated salaries are sickening up there.
2 people like this.
Reply 8 - Posted by:
anniebc 4/28/2020 11:26:21 AM (No. 394284)
President Trump tweeted about this with disgust, but he said he was open to discussing options. There should be no options to bail out states. States should take back their control by stopping their money from going to the federal government in the first place. If everybody got on the tax freedom bus, we'd all be better off. If states or evil politicians stopped catering to unions (no government workers should be unionized) to get elected and stay in office, they might do right by their citizens. As for me, I have no sympathy or empathy for Illinois.
1 person likes this.
Reply 9 - Posted by:
RCFLyer98 4/28/2020 11:47:43 AM (No. 394305)
So called public unions should never have been allowed. Public unions curry favors from politicians, who curry unions for votes. When all said and done, we the public foot the bill. There is no "skin" in the game, neither has to figure out where the money comes from.
3 people like this.
Reply 10 - Posted by:
stablemoney 4/28/2020 11:55:10 AM (No. 394311)
Illinois should balance its budget on the backs of Illinois taxpayers, not federal taxpayers.
2 people like this.
Reply 11 - Posted by:
MDConservative 4/28/2020 12:45:05 PM (No. 394355)
In the meantime our Federal government is tossing more than three TRILLION into the public trough...with a little government cheese to placate the masses. That's not to include other financial games by the Federal Reserve and others to "save the economy". The national debt is around $27 Trillion and growing. And Illinois has a problem? Its only problem is that it can't print its own money.
1 person likes this.
Reply 12 - Posted by:
wilarrbie 4/28/2020 1:10:44 PM (No. 394389)
Whether or not the Feds bail out states like Illinois (and others) THIS time - it does not fix the fundamental problems of unions mixing it up with pols in pension-for-vote quid pro quos that created the mess. It's wrong, and needs to be fixed PROACTIVELY!! And prevented from occuring in the future. Sorry gov't workers - but you need to give back what should never have been given. Taxpayers were NEVER represented at the table when these deals were made.
0 people like this.
Reply 13 - Posted by:
24tea@Mag 4/28/2020 1:27:19 PM (No. 394410)
This city is a real achiever, Ha, Ha! Been the same for 100 years. Crooks, criminals, and dishonest politicians. Can’t we ever have accountability and honestly? If we give money (not what they asked) with no interest, they will never repay. The same goes for NYC. Both are liars and we are the suckers.
0 people like this.
Reply 14 - Posted by:
swarfer 4/28/2020 6:23:38 PM (No. 394711)
20% pay cut
25% pension reduction
50% less vacation
100% reduction in non-work related training and travel
1 person likes this.
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Comments:
The only surprise here is that IL's bonds aren't already rated at junk-status.